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兴业证券:“车路云一体化”开启道路交通新纪元 建议投资者长期关注
Industrial SecuritiesIndustrial Securities(SH:601377) 智通财经网·2025-07-25 01:44

Core Viewpoint - The integration of vehicle, road, and cloud ("车路云一体化") is expected to address the pain points of computer-assisted driving, enhancing safety, intelligence, and efficiency in road traffic, thereby supporting the further upgrade and application of computer-assisted driving technology [1][2] Group 1: Current Challenges and Solutions - The mainstream approach to computer-assisted driving relies on "single vehicle intelligence," which has limitations that hinder the development of Level 3 and above driving technologies. The "车路云一体化" model connects vehicles with roadside and cloud platforms, significantly expanding vehicle perception and computational capabilities, thus improving the ability to avoid unconventional risks [2] - Recent accidents have highlighted the inadequacy of "single vehicle intelligence" in ensuring driving safety, emphasizing the importance of "vehicle-road collaboration" in enhancing traffic safety [3] Group 2: Policy and Market Dynamics - Since 2018, the "车路云一体化" initiative has received support from multiple government departments, leading to the establishment of a series of top-level planning and standard systems. Currently, 28 cities are involved in pilot projects for "车路云一体化" [4] - The "车路云" industry is projected to generate significant economic value, with an expected output increase of 729.5 billion yuan by 2025 and 2.5825 trillion yuan by 2030. Key areas of focus include roadside equipment, cloud control platforms, and application scenarios, which are anticipated to experience substantial growth rates [5] Group 3: Investment Sustainability and Future Prospects - The sustainability of investments in "车路云一体化" is a critical factor, as it heavily relies on government funding. Traditional funding models may not provide ongoing support, but the rapid development of computer-assisted driving and related applications like Robotaxi and unmanned logistics vehicles is expected to create real demand for "车路云" infrastructure [6]